This is the question I hear regarding the real estate industry the most. It is not easy to answer when there are so many factors which change the answer. For buyers? Sellers? What price range? Which city in Napa County? Let’s look back at the last 2 months…
In Napa/Berryessa, in June:
135 New listings hit the market
115 listings were sold
92 listings had price reductions
In the bay area, in May:
“Home sales have strengthened this spring thanks to lower mortgage rates, more inventory and a transition to a more neutral market where buyers have some bargaining power,” said Andrew LePage, a CoreLogic analyst. “This May’s annual sales decline of just under 3% was the smallest decrease since home sales began falling on a year-over-year basis last August. Lower mortgage rates and a flattening of home prices mean that compared with a year ago there’s been a decline in the mortgage payments that many would-be buyers must qualify. In May 2018, a principal-and-interest mortgage payment based on the region’s $874,750 median sale price was 24% higher than a year earlier, driven up by sharp gains in both mortgage rates and home prices. In May 2019, the monthly payment on the median-priced home ($860,000) was 7.3% lower than last year thanks to a slight decline in prices and a roughly 0.5-percentage-point drop in mortgage rates.”
The median price paid for all homes sold in the San Francisco Bay Area in May 2019 was $860,000, up 1.2% from $850,000 in April 2019 and down 1.7% from $874,750 in May 2018.
Absentee buyers—mostly investors, but also second-home buyers—bought 14.9% of all homes sold in May 2019. This is down from 15.4% in April 2019, and down from 18.1% in May 2018. The absentee buyer share peaked at 28.8% in February 2013, and since 2000, the monthly average has been 16.5%.
corelogic.com CONTACT: email@example.com May 2019
In Napa, last week:
I received 1 new listing, and had 2 offers accepted for 2 different buyers and showed one off market property to a buyer.
Below are the open houses for today. Take a look at what the local real estate market is offering for yourself.
If you need a local lender to discuss your options check out my success team at www.jennygass.com or just ask and I am happy to send a referral your way.
Enjoy your summer day!
Growing up in Napa I learned the value of community. I strive to serve the neighborhoods that I grew up in and the people who desire to make Napa their home. I help people connect to the community of Napa with a focus on continuing to build the unique community of Napa and my belief that home is where your story begins.